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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. The author characterizes the people initially involved in home mortgages as ______.
(a) Burger flippers.
(b) Shoe salesmen.
(c) Sheep ranchers.
(d) Corn farmers.

2. The Japanese in the training program are considered _____.
(a) A protected species.
(b) Highly alert.
(c) A ruthless cult.
(d) Expendable.

3. In the bond market, unlike the stock market, ______ are not openly stated.
(a) Interest rates.
(b) Commissions.
(c) Share quantities.
(d) Taxes.

4. By definition, an analyst's job lasts how long?
(a) Two years.
(b) A lifetime.
(c) Twenty years.
(d) Six months.

5. Where is the author living in 1984?
(a) Paris.
(b) New York.
(c) Omaha.
(d) London.

6. Gutfreund's wife, Susan, is spending fifteen million dollars decorating his ______ apartment.
(a) Manhattan.
(b) Long Island.
(c) London
(d) Paris

7. In 1979, which company specializes in junk bonds?
(a) Shearson.
(b) Drexel Burnham.
(c) Salomon Brothers.
(d) Lehman.

8. What is the name of an interview technique designed to test an applicant's nerve?
(a) The silent treatment.
(b) Direct humiliation.
(c) Instant recall command.
(d) The yell test.

9. As Lewis observes people in his firm, he finds that just as some people are mean drunks, mortgage traders are mean _____.
(a) Teachers.
(b) Gluttons.
(c) Dogs.
(d) Parents.

10. The author notices that young traders become _____ after they get onto Meriwether's trading desk.
(a) Disciples.
(b) Intellectuals.
(c) Hysterical.
(d) Pudding.

11. Bob Dall and Stephen Joseph create the first _____ of mortgage securities.
(a) Legislative block.
(b) Successful recall.
(c) Public offering.
(d) Private issue.

12. What is another name for an analyst in the corporate finance department at Salomon Brothers?
(a) An ant.
(b) A driver.
(c) A slug.
(d) A grunt.

13. According to the author, the reason Wall Street has initially ignored his resume is that all the representatives from large firms say that he lacks ______.
(a) A wealthy background.
(b) Motivation.
(c) Chutzpah.
(d) Commercial instincts.

14. What is the nickname for the Government National Mortgage Association?
(a) Fanny Mae.
(b) Johnny Mac.
(c) Freddie Mac.
(d) Ginnie Mae.

15. What is photocopied 126 times from The New York Times and distributed among the trainees each morning?
(a) The comic section.
(b) The business section.
(c) The front page.
(d) The crossword puzzle.

Short Answer Questions

1. Liar's Poker has a lot in common with what aspect of Wall Street business?

2. What is the name stockbrokers give to the day in 1976 when fixed stock brokerage commissions ended?

3. The author describes England as the land of ________.

4. Lewis states that analysts don't analyze anything; they are just _____ to corporate financiers.

5. Lewis observes that the cruelty that traders bestow on everyone in their wake is _____.

(see the answer keys)

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